Abu Dhabi’s state-owned oil company ADNOC announced on Monday plans to invest $150 billion between 2026 and 2030, aiming to sustain current operations, drive growth, and meet rising global energy demand.
During a board meeting, ADNOC highlighted its increased oil reserves, now at 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves rising to 297 trillion standard cubic feet (scf) from 290 trillion scf.
The company has been bringing in new international partners for unconventional exploration projects, accelerating development to enhance the UAE’s gas self-sufficiency while addressing growing global demand for natural gas.
Abu Dhabi’s unconventional resources, which require advanced extraction technologies, are estimated at 160 trillion cubic feet (tcf) of gas and 22 billion stb of oil, according to ADNOC.
ADNOC also reported that the enterprise value of its international investment arm, XRG, has grown to $151 billion from around $80 billion since its launch in November last year.
XRG is set to pursue global opportunities in chemicals, natural gas, and renewable energy, supporting Abu Dhabi’s strategy to diversify its portfolio and reduce dependence on oil exports.
The board also approved the creation of a new operating company for ADNOC’s Ghasha concession, an offshore project expected to produce 1.8 billion scf of gas and 150,000 barrels per day of oil and condensates.
